Every day
The important thing is not to double the profits .. but to take into account people!
Sami Al Riyami
reyami@emaratalyoum.comsamialreyami
September 24, 2020
The UAE banking sector performed well during 2019, and as a result, the profits of banks listed in the Dubai and Abu Dhabi markets increased by 12%, by about five billion dirhams, to reach 46.544 billion dirhams, compared to 41.54 billion dirhams in 2018.
Certainly, it is not only banks that made profits in 2018 and before, but all economic sectors have succeeded in making profits through their operations.
It is true that it varies, and it may not live up to the numbers achieved by the banks, but in the end it did not lose, nor did it retreat, and this in itself is a strong indicator of the resilience of the UAE economy in general.
The question here is: What if the banks, quasi-governmental real estate companies, and some merchants who own huge real estate did not exceed last year's profit margin?
Does this mean their failure in management?
Can they be held accountable by boards of directors?
Is there a written or unwritten law that stipulates that bank profits should be increasing annually?
I do not think so, and I do not think that the decline in the profit margin has a direct relationship to the failure of the administration, as everyone understands that the economic situation in 2020 is nothing like it in the past years, the economy has been affected in all countries of the world, and what happened is exceptional and strange, so there is no blame on anyone, Because what happened is greater than all expectations, analyzes and strategies.
Consequently, it is not at all surprising, but it is not required of banks and the rest of the economic sectors to achieve progressive profits, more than what they achieved last year, because firstly they will not be able to achieve this, whatever you do, and secondly, the significant increase in their profits this year does not bear only one explanation , Which is that it continued to put great pressure on dealers and consumers, and did not help them obtain facilities that would benefit them in overcoming their financial crises, which they were exposed to due to the closures of the spread of the Corona virus, and this if it happened, it is an inhuman and illogical measure!
There are those who have cooperated, and there are those who have adopted and implemented the slogan “Everyone is responsible for everyone” raised by His Highness Sheikh Mohammed bin Rashid Al Maktoum, may God protect him, with responsibility and dedication, and on the other hand there are banks, real estate companies, finance companies, dealers and real estate owners, who did not pay attention to What happened, and they did not look with mercy and compassion at consumers and tenants, and demanded them to pay rent dues, loan payments, or financial claims, in full and undiminished, even those due in the time and months of complete closure, they did not take into account human conditions, and they only cared about collecting money. Unfortunately, abnormal samples, whether they are individuals, companies, or institutions, everyone who did so, is going against the tide of government goals aimed at facilitating and relieving people, and spreading happiness in society!
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reyami@emaratalyoum.com